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Life Insurance for 40 Year Olds

life insurance for 40 year olds

Reviewed By: Rob Pinner

Rob PinnerRob Pinner is the founder and CEO of Pinner Financial Services servicing all 50 states. Rob started his insurance career in 2002. Full Bio >

Checked By: Holly Mitchell

Holly Mitchell’s background in life insurance insurance goes back to 1985 when she worked for her father who was a New York Life agent. Holly has a marketing degree from Auburn University and has had a life insurance license since 2008. In addition to advising life insurance for customers all around the country, Holly is our website fact checker.
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Last Updated: November 29th, 2023

If you’re 40 years old (or older) and are seriously considering purchasing a life insurance policy, then you’re probably also looking for the best rates. Life insurance is one of the most important financial safety nets you can buy for your loved ones. It’s one of the few ways to guarantee that your family will have money when you die, but it can be difficult to find an affordable plan the older you are.

To learn more about what life insurance costs as well as your policy options at age 40, continue reading this guide to life insurance for 40-year-olds.

What Type of Life Insurance is Best for a 40 Year Old?

One of the first questions you should ask yourself is whether you want permanent or term life insurance.

There are pros and cons to each type of life insurance.

For example, permanent life insurance is great for many people because it provides coverage for the rest of your life.

On the other hand, term life insurance can save you a lot of money because it limits coverage to a specific length of time— normally between 10 and 30 years.

Many term policies can also be converted to permanent life insurance before they are up, even if you’ve been paying the same low premiums for a certain number of years.

Term vs. Permanent Policies at Age 40

To explain the difference, compare rates for a 40-year-old male looking for a $500,000 policy. With permanent coverage, he would pay around $2,298 annually (with No Lapse Universal Life). With term coverage, he would only pay about $615 annually.

Term life insurance can be a better option for most people because of its comparably low price.

Price isn’t everything, though. You need to take the time to consider all the possible options and weigh the pros and cons of each of them.

Life Insurance Rates at Age 40

Here is a more detailed look at how much you could pay with term life insurance at age 40.

Term Life Rates for a $200,000 policy:

Type 20 yr Term 30 yr Term
Male Preferred Plus
Regular Plus
Tobacco User
Female Preferred Plus
Regular Plus
Tobacco User

You can always start comparing rates for your situation using the calculator on this page.

No Medical Exam Life Insurance Rates for 40 Year Olds

It’s possible to get life insurance without a medical exam if you meet certain requirements and are seeking a smaller policy worth $399,000 or less.

Rates for these kinds of policies are often more expensive, however, so they are not for everyone.

For example, a 40-year-old man would be offered the following rates for a $250,000 no-exam life insurance policy:

Type 20 yr Term 30 yr Term
Male Non-Tobacco
Tobacco User
Female Non-Tobacco
Tobacco User

You can usually get better rates if you go through with a medical exam as part of your life insurance application.

That said, medical exam life insurance policies tend to take longer to get approved than non-medical exam policies.

Best Life Insurance Companies for 40-Year-Olds

We work with over 40 of the top life insurance companies in the U.S. and have compiled a list of the best providers for 40-year-olds in our experience.

How to Find Cheap Life Insurance in Your 40s

Turning 40 shouldn’t stop you from getting a great plan. You probably qualify for more affordable premiums than you think.

Apply Early

Step one is applying as soon as possible. Your age is the biggest factor that will impact how much you pay.

The longer you wait, the more that you’ll pay every month. If you want to get the cheapest life insurance, don’t wait another year.

Apply while you are healthy

Another way to save money is to improve your health. Your health will determine how much of a risk you are for the life insurance company.

If you smoke or are overweight when you apply for life insurance, then you’re going to pay more for your coverage.

Independent Agents Help Find the Cheapest Rates

Want to save time and money on your search?  Still have puzzling questions on turning 40 and getting cheaper rates?

We are here to answer those questions and put you in the perfect plan for you and your family.

You can also check out our article that covers life insurance for people in their 30s and 40s.

Doug Mitchell, CLU

Doug Mitchell, CLU

Doug Mitchell, CLU holds a BA degree in Finance from Auburn University as well as having obtained a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA. Doug has spent close to 30 years in the life insurance and financial planning industry and has held licenses to sell securities, long-term care insurance, health. Some other notable items about Doug: Top of the Table Million Dollar Round Table member (MDRT). (MDRT is a global, independent association of the world’s leading life insurance advisors) | Premier Partner with Lincoln Financial and Cabinet Member | Served two years as President of the Auburn/Opelika Association of Financial Advisors | Life Millionaire status at Horace Mann Insurance Company and was awarded the Life Agent of the Year Award | New York Life, Executive Council Member | Currently serves as President of Ogletree Financial, a life insurance General Agency. | Doug is also a financial blogger addressing the topics of life insurance, annuities and retirement income planning.

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